Bucharest Office Market Snapshot in the Second Quarter of 2021

  • in Bucharest, was rented a total area of 80,400sqm of modern office spaces
  • the most active tenants were companies in the Medical & Pharma sector, with 25% of the net take-up

Download the ESOP study Office Market Snapshop in Q2 2021

Overview

In the second quarter of 2021, one office building, Tiriac Tower, with a total leasable area of 16,500sqm, was completed in Bucharest, while two other projects are also very close to completion: Globalworth Square and Politehnica Business Tower.

Occupier focus

In Q2 2021, in Bucharest, was rented a total area of 80,400sqm of modern office spaces, out of which 40% was represented by the renewal of lease contracts in the current premises and 60% net take-up (newly contracted offices and expansions in the existing ones).

The most sought-after area was the Central-North one, with 57% of the companies’ preferences for renting new spaces.

The most active tenants were companies in the Medical & Pharma and Professional Services sectors, with 25% and 24% of the net take-up, respectively.

Main Transactions in Q2 2021

Main Projects with delivery in 2021

Area Project Name Delivery Surface (sqm) Location
CENTRAL-WEST Campus 6.2 S1 2021 20,600 Grozavesti
ONE Cotroceni Park – Phase 1 S2 2021 46,000 Cotroceni
Sema Parc – Oslo Building S2 2021 21,300 Splaiul Independentei
Sema Parc – London Building S2 2021 10,200 Splaiul Independentei
CENTRAL-NORTH Tiriac Tower                  S1 2021           16,500 Victoriei Square
J8 Office Park – Buildings A and B S2 2021 46,000 Presei Square
Globalworth Square S2 2021 30,800 Barbu Vacarescu
CENTRAL-SOUTH U-Center – Building A S2 2021 32,800 Tineretului

Outlook

By the end of 2021, over 290,000 sqm of modern office space is forecasted to be completed.

The map shows the rent levels by class in the main business areas. During the year, some adjustments might take place.

ESOP Partners In Time

ESOP’s portfolio includes, in addition to office buildings for rent in Bucharestoffice spaces for sale in Bucharestindustrial parks and warehouses for rent, as well as office spaces for rent in the main cities of the country.

If you would like more information, please contact the ESOP team by filling this brief form, or by phone (+4) 0723.26.61.97 or (+4) 021.528.04.40. We’ll promptly answer your inquiry!


Alexandru Petrescu

Founding Managing Partner of ESOP Consulting | CORFAC International with 20 years of experience in real estate consulting and entrepreneurship.

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